General Motors Lifts Electric-Vehicle Commitment Through 2025

General Motors raised its financial and car-model commitments for electric vehicles and automated vehicles through 2025.
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General Motors  (GM) - Get Report said it would offer 30 all-electric models globally by 2025, with 40% of the automaker's U.S. models being battery-electric vehicles by that time. 

The Detroit automaker also lifted its financial commitment to electric and automated vehicles to $27 billion through 2025 from the $20 billion it had planned before the covid-19 pandemic. 

GM had been planning to produce 20 vehicles over that time period. 

"Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle," Chief Executive Mary Barra said in a statement. 

"We are transitioning to an all-electric portfolio from a position of strength and we're focused on growth."

Earlier this month GM reported third-quarter earnings that topped estimates based on improving demand for its SUVs.

General Motors' third-quarter adjusted diluted earnings came in at $2.83 a share, up 65% from the year-earlier period and double the Wall Street consensus forecast of $1.38 share. Group revenue was about flat with the year earlier at $35.5 billion and matched analysts' forecasts.

“This year, and the third quarter, is a testament to GM’s resilience," Barra said in a statement with the Q3 report. 

"We entered the pandemic in a strong position and acted decisively to keep our teams safe, conserve cash and preserve liquidity, all while keeping our critical product programs on track.

"Now we are well positioned to meet rising customer demand, accelerate our transformation and deliver our vision of a world with zero crashes, zero emissions and zero congestion.”